contestada

due to a slump in the economy a mutual fund has dropped by 30% from last year to this year if the fund is now worth $12,593, how much was the fund worth last year?

Respuesta :

Let x represent the worth of the mutual fund last year. We were told that it dropped by 30%

Recall, percentage is expressed in terms of 100. Thus, the amount by which it dropped is

30/100 * x = 0.3x

if the fund is now worth $12,593, it means that

x - 0.3x = 12593

0.7x = 12593

x = 12593/0.7

x = 17990

The worth of the fund last year was $17990

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